Where did the Shelby GT350 get its name?

Now those that watched Man and Machine last week would have found this out

Shelby GT350

Well the Shelby bit is easy, his name
The GT bit is also easy, its a Grand Tourer for sure

but the 350?

I didn't know the answer until I just googled it. Quite random.

I believe it has something to do with the number of steps from one office to another building. I watched a mustang special a while back n I believe Carroll Shelby says something like it was as estimated distance from a board room at ford to another building which about 350 steps or could metres/feet or yards, we are yank speaking after all. I will have to check. But the bloke on man n machine told it different. I get back to ya, reckon I'm fairly close though.

I always thought that the original GT350 stood for 350 hp and GT500 stood for 500 hp.

One is the distance from the boardroom to the line and the other the length of the line? or something like that?

I also always thought it was the horsepower
but it was either the steps from Carrols office to the assembly area, (or the boardroom to the assembly line)
and the other was the length of the production line


In some ways its like the HO, time has given more than one genuine meaning of the letters